Well, it's an interesting concept from an interesting company - QUAD Musikwiedergabe started out as a distributor for Quad speakers and electronics, and I believe still builds a version of the original Quad electrostatic, so it has some audiophile credibility. Of course, loudness compensation has a somewhat checkered history, beginning with the loudness switch in many 50s - 70s amps. Later on, Yamaha had a variable loudness knob on their amplifiers.
The issue is that the equal loudness contours vary with the SPL level, so that for proper correction, you have to know the actual recorded SPL, versus the SPL at the listener's ears on playback, and then adjust the correction depending relative volume between the two, varying the correction as the level of the recording changes.
As an example, say that the recorded SPL is 10 dB louder than the playback. Then, a passage which was recorded at 80 dB would need to be adjusted by the difference between the 80 dB and 70 dB loudness contours to sound subjectively flat, whereas a passage recorded at 50 dB would need to be adjusted by the difference between the 50 dB and 40 dB loudness contours to reproduce the same subjective tonality at the quieter playback level - the point being that the difference between 80 and 70 dB equal loudness contours is NOT the same as the difference between 50 and 40 db equal loudness contours. Now, according to the Transdyn QA literature, they say that the difference between the concert hall and listening levels in "small rooms" is 8 dB, but that has got to be an average, and I would expect a fair variation from one listener to another. A different level would lead to different contours, so it doesn't seem to be an easy problem to solve with analog circuitry, although possibly you could do it with variable level dependent digital EQ.